The connected medical device market is anticipated to witness significant growth owing to the rising demand for remote patient monitoring solutions. Connected medical devices are helpful in integrating medical devices and health applications. The increasing need for monitoring multiple parameters of patients remotely and the rising prevalence of chronic diseases are major factors driving the adoption of connected medical devices. Connected medical devices allow continuous monitoring of patients' vital signs such as blood pressure, heart rate, glucose level, oxygen saturation, etc. outside of hospitals as well.
The Global connected medical device market is estimated to be valued at US$ 62.39 Mn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2024 To 2031.
Key Takeaways
Key players: Key players operating in the connected medical device market are GE Healthcare, Biotronik Se Co. Kg, Garmin Ltd., Abbott Laboratories, Koninklijke Philips NV, Medtronic PLC, Honeywell International Inc., Boston Scientific Corporation, NXP Semiconductors NV, and Stanley Black & Decker Inc. (Stanley Healthcare), among others.
Key opportunities: The rising investments by venture capitals and government initiatives to encourage digital healthcare present lucrative growth opportunities. Growing demand for wireless and remote monitoring solutions from emerging countries also offers opportunities for key players.
Global expansion: Major players are expanding globally to strengthen their presence. For instance, Philips acquired BioTelemetry Inc. in 2020 to expand in cardiac diagnostics and remote patient monitoring. Abbott acquired Nutritional Diagnostics in 2021 to enhance its global In Connected Medical Device Market Growth.
Market drivers: Increasing prevalence of chronic diseases, rise in geriatric population, adoption of telehealth and remote monitoring solutions by healthcare facilities are major market drivers. Growing adoption of IoT, AI and analytics in healthcare also drives the adoption of connected medical devices.
Market restrain: High cost of connected medical devices, data security and privacy concerns can hamper the market growth. Limited technical knowledge regarding the usage of connected medical devices also acts as a restrain. Lack of reimbursement for remote monitoring solutions in some countries negatively impacts adoption.
Segment Analysis
The Connected Medical Device Companies comprises several sub segments including connected specialty medical devices, connected general medical devices, and connected wearable medical devices. The connected wearable medical devices segment dominates the market currently. This is because wearable medical devices provide real-time remote monitoring of patients which helps in early detection of medical problems and enable timely interventions. These devices are compact, comfortable to wear for long durations, and have capabilities to continuously track vital health parameters such as blood pressure, blood sugar, heart rate etc. Additionally, factors such as increasing adoption of self-monitoring and preventive healthcare are supplementing demand for connected wearable medical devices.
Global Analysis
Regionally, North America holds the major share of the global connected medical device market currently. This is due to high awareness regarding benefits of remote and self-monitoring of health among individuals in countries like US and Canada. Additionally, presence of advanced healthcare infrastructure and favorable reimbursement policies are supporting market growth. Asia Pacific is projected to witness highest growth during the forecast period owing to rising healthcare expenditure, increasing prevalence of chronic diseases, and growing geriatric population. Factors such as booming medical tourism industry in countries such as India and Malaysia are attracting medical device manufacturers to set up production facilities further driving the connected medical device market in Asia Pacific region. Europe holds the second position in terms of revenue share globally.
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Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
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